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  • Ethereum price spikes above the falling wedge pattern and takes a jab at $240 resistance.
  • ETH/USD appears to be back in its bullish phase as indicators align in favor of more bullish action.

Ethereum price is taking its bullish action a notch higher by not only jumping above the initial resistance at $230 but also advancing above $235. The gains are in tandem with Bitcoin’s correction above $9,000. Besides, the cryptocurrency market remains relatively bullish on Friday.

ETH/USD is trading at $235 while fighting its way to break above the resistance at $240. The impact of overcoming the falling wedge pattern appears to be positively influencing the Ethereum. The 4-hour chart shows Ether trading under the 100 SMA while the 50 SMA sitting comfortably at $225, ready to stop losses in the event a reversal breaks support at $230.

Most of the technical indicators point towards possible farther upward advancement with the medium-term target at $250. The RSI, for instance, is almost entering the overbought region while the MACD just crossed into the positive region. Since the dip to the primary support at $210, the momentum indicator continues to post a higher high pattern, emphasizing the buyers are in the driver seat.

Ethereum confluence resistance and support levels

Support one: $231 – Fibonacci 23.6% one-day and the SMA ten 15-minutes.

Support two: $229 – Previous low 1-hour and 61.8% one-day.

Resistance one: $239 – Pivot Point one-day resistance two.

Resistance two: $249 – Fibonacci 38.2% one-month.

ETH/USD 4-hour chart

ETH/USD price chart